U.S. Crude Oil, Gasoline Inventories Continue to Drop

Crude oil inventories in the United States fell this week by 1.519 million barrels for the week ending March 15, according to The American Petroleum Institute (API), after analysts had predicted a 77,000 barrel build. The API reported a large 5.521-million-barrel rise in crude inventories in the week prior.

On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.7 million barrels as of March 8. Inventories are now at 362.3 million barrels.

Oil prices were up ahead of the API data release on Tuesday as the market continues to digest and assess Ukraine’s attacks on Russian refineries.  

At 3:27 pm ET, Brent crude was trading up 0.59% on the day at $87.40, up roughly $5.30 per barrel compared to this time last week. The U.S. benchmark WTI was trading up on the day by 1.02% at $83.56, up nearly $6 per barrel compared to last Tuesday.

Gasoline inventories also fell this week. Gasoline inventories fell 1.574 million barrels, after falling by 3.750 million barrels in the week prior. As of last week, gasoline inventories were about 3% below the five-year average for this time of year, according to the latest EIA data.

Distillate inventories rose this week, by 512,000 barrels, after last week’s 1.162 million barrel drop. Distillates were already 7% below the five-year average for the week ending March 8, the latest EIA data shows.

Cushing inventories also rose this week, gaining 325,000 barrels after falling by 998,000 barrels in the previous week.

By Julianne Geiger for Oilprice.com

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